First Manhattan Co. decreased its stake in Varian Medical Systems, Inc. (NYSE:VAR) by 1.6% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 5,970 shares of the medical equipment provider’s stock after selling 100 shares during the quarter. First Manhattan Co.’s holdings in Varian Medical Systems were worth $676,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently modified their holdings of the company. Moody National Bank Trust Division purchased a new stake in shares of Varian Medical Systems in the fourth quarter worth about $49,000. Massey Quick Simon & CO. LLC boosted its stake in shares of Varian Medical Systems by 2,339.5% in the fourth quarter. Massey Quick Simon & CO. LLC now owns 927 shares of the medical equipment provider’s stock worth $105,000 after buying an additional 889 shares during the last quarter. Resources Management Corp CT ADV purchased a new stake in shares of Varian Medical Systems in the third quarter worth about $111,000. Stratos Wealth Partners LTD. purchased a new stake in shares of Varian Medical Systems in the third quarter worth about $163,000. Finally, Quantamental Technologies LLC purchased a new stake in shares of Varian Medical Systems in the fourth quarter worth about $226,000. Hedge funds and other institutional investors own 95.88% of the company’s stock.
In related news, SVP John W. Kuo sold 1,324 shares of the company’s stock in a transaction dated Thursday, November 15th. The stock was sold at an average price of $115.50, for a total value of $152,922.00. Following the completion of the transaction, the senior vice president now owns 30,286 shares of the company’s stock, valued at approximately $3,498,033. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director R Andrew Eckert sold 5,651 shares of the company’s stock in a transaction dated Monday, January 28th. The stock was sold at an average price of $130.15, for a total value of $735,477.65. Following the completion of the transaction, the director now directly owns 9,806 shares of the company’s stock, valued at approximately $1,276,250.90. The disclosure for this sale can be found here. Insiders sold a total of 35,817 shares of company stock valued at $4,559,424 in the last ninety days. 0.74% of the stock is currently owned by insiders.
A number of analysts have recently commented on VAR shares. Citigroup upped their target price on Varian Medical Systems from $127.00 to $145.00 and gave the stock a “buy” rating in a research note on Wednesday, October 31st. Barrington Research restated a “buy” rating on shares of Varian Medical Systems in a research note on Thursday, January 24th. Jefferies Financial Group upped their target price on Varian Medical Systems to $145.00 and gave the stock a “buy” rating in a research note on Thursday, January 24th. Goldman Sachs Group upgraded Varian Medical Systems from a “neutral” rating to a “buy” rating and upped their target price for the stock from $107.00 to $129.00 in a research note on Friday, January 4th. Finally, UBS Group started coverage on Varian Medical Systems in a report on Wednesday, November 28th. They issued a “buy” rating and a $140.00 price target for the company. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. Varian Medical Systems presently has an average rating of “Buy” and an average target price of $130.63.
NYSE VAR opened at $132.93 on Wednesday. The stock has a market capitalization of $12.06 billion, a P/E ratio of 30.07, a price-to-earnings-growth ratio of 3.52 and a beta of 0.85. Varian Medical Systems, Inc. has a twelve month low of $101.42 and a twelve month high of $133.31.
Varian Medical Systems (NYSE:VAR) last released its quarterly earnings results on Wednesday, January 23rd. The medical equipment provider reported $1.06 earnings per share for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.01). The business had revenue of $741.00 million during the quarter, compared to analyst estimates of $717.83 million. Varian Medical Systems had a return on equity of 26.18% and a net margin of 12.28%. The business’s revenue for the quarter was up 9.2% compared to the same quarter last year. During the same period in the previous year, the company posted $1.06 EPS. Analysts forecast that Varian Medical Systems, Inc. will post 4.7 earnings per share for the current fiscal year.
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Varian Medical Systems Profile
Varian Medical Systems, Inc designs, manufactures, sells, and services medical devices and software products for treating cancer and other medical conditions worldwide. It operates through two segments, Oncology Systems and Proton Solutions. The Oncology Systems segment offers hardware and software products for treating cancer with radiotherapy, fixed field intensity-modulated radiation therapy, image-guided radiation therapy, volumetric modulated arc therapy, stereotactic radiosurgery, stereotactic body radiotherapy, and brachytherapy, as well as related quality assurance equipment.
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